Posted on September 22, 2015

The QFC Regulatory Authority has released two consultation papers containing proposals that will strengthen the organization’s prudential framework for Islamic banking as well as the Conduct of Business Rules 2007 (“COND”).

The first paper calls for public comment on draft Rules that are designed to develop a new Islamic banking prudential rulebook. The QFC Regulatory Authority has sought to align the draft rules with the latest international regulatory standards of the Islamic Financial Services Board (“IFSB”) and the Islamic banking framework of the Qatar Central Bank. The second paper calls for public comment on draft Rules that amend three aspects of COND: the definition of business customer, re-classifying customers and the Customer Dispute Resolution Scheme.

These revisions support the QFC Regulatory Authority’s commitment to the maintenance of high international regulatory standards for financial services and the continued development of the QFC as a leading financial and business centre in the Middle East. The consultation period is open until 1 November 2015. The consultation papers and draft Rules are available on the website of the QFC Regulatory Authority at www.qfcra.com

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